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KHI snaps up Seychelles resort

Kingdom Hotel Investments says total development cost of resort will be around $137mn.

By Dylan Bowman and Reuters

Mon 30 Jul 2007 10:28 AM

Prince Alwaleed bin Talal’s Kingdom Hotel Investments (KHI) said today it had acquired a luxury resort hotel and residence development work on the island of Pranslin, Seychelles.

The total development cost of the resort will be around $137 million and it will be KHI’s first hotel in the archipelago.

Branded as the Raffles Seychelles Resort and Residences, the proposed development is scheduled to open in 2011 with a 90-villa luxury resort hotel and 17 private residential villas for sale.

KHI will own 91.2% in the proposed development and is expected to sell the villas during the first three years of operation of the hotel.

“The Seychelles is a unique upscale resort market and with growing demand for exclusive accommodation in the region, this development will offer much to KHI’s growing portfolio of resorts,” Prince Alwaleed, chairman of KHI, said in a statement.

The purchase comes just days after the Dubai-based company’s acquisition of the Four Seasons Hotel Jakarta for $48 million.

KHI now owns interests in 38 properties in over 20 countries globally.

Earlier this month KHI paid $35 million for Raffles Hotel Le Royal in Cambodia's capital Phnom Penh and the Raffles Grand Hotel d'Angkor in Siem Reap.